2011 (3) TMI 1437

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.... 226 of the Constitution of India, the petitioner has challenged notice dt. 25th May, 2001 issued by the respondent under s. 148 of the IT Act, 1961 (the Act) reopening the assessment for the asst. yr. 1994-95.   2. The petitioner, a company, is engaged in the business of ship-breaking at Alang, District Bhavnagar. The petitioner filed its return of income for asst. yr. 1994-95 along with co....

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....ndustrial undertaking in India on any moneys borrowed or debt incurred by it before the 1st day of June, 2001, in a foreign country in respect of the purchase outside India of raw materials or components or capital plant and machinery, to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the Central Government in this behalf, having regard ....

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....y submitted that in the light of the aforesaid amendment, the very foundation of the show-cause notice issued under s. 148 of the Act does not survive.   4. This Court has also heard Mr. M.R. Bhatt, learned senior advocate appearing on behalf of the respondent.   5. From the facts noted hereinabove, it is apparent that the assessment of the petitioner for the asst. yr. 1994-95 is sough....